Sumitomo Mitsui Trust Group Inc. Has $28.31 Million Position in Archer Aviation Inc. (NYSE:ACHR)

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 6.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,343,122 shares of the company’s stock after selling 686,352 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Archer Aviation were worth $28,310,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation during the 3rd quarter worth approximately $26,000. Hollencrest Capital Management lifted its holdings in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the period. CWM LLC grew its stake in shares of Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Code Waechter LLC acquired a new position in Archer Aviation during the 3rd quarter worth about $30,000. Finally, Azzad Asset Management Inc. ADV acquired a new stake in shares of Archer Aviation in the third quarter valued at about $31,000. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Stock Down 4.2 %

Shares of NYSE:ACHR opened at $4.11 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.49 and a current ratio of 6.03. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $7.01. The business’s 50 day simple moving average is $3.28 and its two-hundred day simple moving average is $3.61. The firm has a market cap of $1.46 billion, a P/E ratio of -3.11 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the business earned ($0.19) EPS. As a group, research analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ACHR. Benchmark reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright started coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.